In the book he mentions that when he takes over a property that he will put Section 8 tenants in, he immediately takes out the washer/dryer, Garbage Disposal, Ceiling Fans and Screen Doors.If it's not there when the Section 8 applicant or inspector comes through....then they have no reason to expect it.

Most professionals were charging $2000-$5000 to certified a 3rd bedroom and inspect the septic and the disposal area.

The buy offer was made stronger because "Buyer agrees to dispose of any personal property left in the house, barns or on the property after closing". 

I think this makes the most sense for me at the moment as I have a good construction crew here in Austin at my disposal as well as a few hard money lenders that are willing to help.Thanks again for all the input everyone!

B-class properties are the safest place to be for cash flow without totally sacrificing appreciation potential and owner-occupant re-sale options.Lastly, if this $140k accounts for all his disposable assets, I would encourage him to not spend his last penny.

Well, it would be good time to get DEMO quotes and see if the city will give you a demo permit to do it yourself (they may want to test for lead.asbestos but even there you could just subcontract that part) and do the rest yourself if you have access to equipment and disposal facilityAS for what to do with this land, it seems you can put 8 units on it cottage style?

My advice to a real estate newbie would be to capitalize on all of the free resources this site has available at your disposal.

What do you think would have motivated the seller to dispose of the property, to pay off the debt?

If the book value of an asset is X and they sell it for Y, not only would they have to answer to their investors, they might have to answer to their regulators if they are disposing of assets at a discount just to clear their books, without a documented reason why (Like...Value may be "X" but, deferred maintenance equals "Z" so, discounting and selling for "Y").We aren't in the market we were from 08'-14' where this "strategy" may have been more acceptable.

Capitalize on all of the free resources this site has available at your disposal.